Regulatory Alerts2021-03-31
Added · Updated
Extension of Interest Rate Reduction Provisions for Banks in the Kingdom
The Central Bank of Saudi Arabia extends the prohibition on banks raising interest rates for customers until the Central Bank changes interest rates in the future. This decision applies to all banks operating in the Kingdom, including those that adopted a 1.9% interbank lending rate in May 2020. The extension replaces the previous deadline of the end of 2020 established in Circular no. 27/1/4872.
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